Cayman Government Ushers In Permit And Licence Fee Hikes

by Amanda Banks, Tax-News.com, London

04 July 2006

Amendments to Cayman legislation have resulted in fee increases for several types of work permits and business licences from the start of this month.

The amendments to Immigration Regulations Local Companies Control and Trade and Business Licence laws formed part of the government's new revenue measures for the 2006/07 financial year.

As a result, the Immigration Department will charge increased fees for work permits on Grand Cayman covering managers, chief executive officers, executive secretaries and skilled tradesmen, persons in the tourism and service industries, and workers in the construction industry. These fees have not been changed since 1998.

With the Local Companies (Control) Law, a licence application processing fee of $200 has been added and the annual licence charge that remained unchanged since 1972 will be increased from $200 to $2,500. This charge does not apply to companies that submitted applications before 1 July.

The amendment to the Trade and Business Licence Law changes the fee for accountants from $1,500 to $2,000. It also applies a range of increased fees for firms employing six or more accountants, which vary in accordance with the number of accountants employed.

In the lowest category, the fee for a company employing six to 10 accountants has been increased from $15,000 to $20,000. In the highest category, the fee for a company employing 51 or more accountants has been moved from $300,000 to $400,000.

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